① In Trump's last stop in the Middle East, he signed multiple trade agreements with the UAE valued at a total of 200 billion dollars; ② The UAE state-owned energy giant ADNOC announced plans to increase its investment in the USA to 440 billion dollars over the next 10 years; ③ ADNOC's investment will create 470,000 jobs in the USA and increase GDP by 29 billion dollars each year.
According to Financial Association on May 18 (Editor Qi Ling), this week US President Trump visited three countries in the Middle East, and in the final stop in the UAE, he gained several economic cooperation agreements with a total value of 200 billion dollars, covering fields such as AI and Cloud Computing Service, Energy, Aviation, and critical minerals.
Among them, the UAE state-owned energy giant - Abu Dhabi National Oil Company (ADNOC) announced during the meeting with Trump that it plans to increase its investment in the US Energy sector from the current 70 billion dollars to 440 billion dollars by 2035. This is part of a ten-year investment framework agreement totaling 1.4 trillion dollars reached during the visit of the UAE National Security Advisor, President's brother Tahnoun bin Zayed Al Nahyan, in March.
Sultan Al Jaber, Director and CEO of ADNOC and Executive Director of its investment company XRG, stated that this investment is expected to increase the USA's GDP by 29 billion dollars each year and create 470,000 jobs.
The main focus of Trump's visit to the Middle East was trade and investment agreements. According to the US White House website, during his visit to the UAE, several companies from the UAE and the USA disclosed multiple trade cooperation agreements:
Etihad Airways of the UAE will purchase$Boeing (BA.US)$28 Boeing 787 and 777X aircraft and engines from General Electric Aviation, valued at 14.5 billion dollars.
Emirates Global Aluminum will invest $4 billion in an aluminum smelter in Oklahoma, USA, which is one of the first newly built aluminum plants in the USA in 45 years.
$Exxon Mobil (XOM.US)$、$Occidental Petroleum (OXY.US)$Cooperate with EOG Resources and ADNOC to expand Oil & Gas production in UAE.
US defense company $RTX Corp (RTX.US)$ Cooperate with Global Aluminum on gallium project collaboration to secure and stabilize the USA's critical mineral supply chain, making UAE the world's second-largest gallium producer.
$Qualcomm (QCOM.US)$Collaborating with the Abu Dhabi Innovation & Industry Alliance (ADIO) to build the Abu Dhabi Global Engineering Center, focusing on AI, Datacenter, and Industrial Internet of Things; Qualcomm is also working with UAE telecom giant e& to accelerate the deployment of advanced connectivity, edge AI, and Cloud Computing solutions.
$Amazon (AMZN.US)$AWS Cloud Computing Service collaborates with UAE’s e&, and the UAE Cybersecurity Council to launch the UAE Sovereign Cloud platform.
The USA is collaborating with the UAE to build an AI park with a 5 GW Datacenter, expected to become the largest of its kind overseas; while the UAE commits to investing in, building, or funding at least Datacenters in the USA that are comparable in scale and performance to those in the UAE in the future.
Energy cooperation.
ADNOC has announced multiple cooperation agreements with US companies, including with Exxon Mobil, Japan's largest Oil & Gas exploration company, International Oil & Gas Development Co.$Inpex (1605.JP)$) And the oilfield development plan signed with Japan Oil Development Company (Jodco) aims to expand the production capacity of the Abu Dhabi Upper Zakum offshore oilfield through phased development.
Upper Zakum is part of the Zakum oil field, which is the second largest offshore oil field in the world.
ADNOC has also signed a cooperation agreement with Occidental Petroleum to explore increasing the natural gas output of the Shah gas field from 1.45 billion standard cubic feet per day (bscfd) to 1.85 billion standard cubic feet per day, and expedite the use of advanced technology in the gas field.
The facility's expansion plan will provide more natural gas for the domestic industrial growth in the UAE and liquefied natural gas (LNG) for export.
ADNOC stated that its global energy investment department, XRG, is seeking significant investment in the US natural gas sector. The company will increase investments in the US Energy value chain, focusing on expanding natural gas, liquefied natural gas, specialty chemicals, and energy infrastructure.
XRG has signed a framework agreement with Occidental Petroleum’s subsidiary 1PointFive to assess the potential investment in a direct air capture project in Kleberg County, Texas. XRG stated that the plant will capture up to 0.5 million tons of carbon dioxide annually, and XRG is considering investing up to one-third of the total development costs of the project.
Meanwhile, ADNOC also announced on Friday that the Abu Dhabi Supreme Finance and Economic Affairs Council is in discussions with a US-based oil and gas exploration and production company.$EOG Resources (EOG.US)$A new "unconventional" oil exploration concession has been granted. The concession covers a 3,609 square kilometer onshore block in the Al Dhafra region of Abu Dhabi.
ADNOC stated that it will oversee and assist in the exploration activities within the concession and may choose to participate in subsequent production concession cooperation.
Editor/Somer
